Brent Crude Hits $116.72, Six-Month High. Could U.S. Gas Prices Rise?

Brent crude oil rose to a six-month high of $116.72 a barrel on Friday, the highest settlement for the international benchmark since April 29. U.S. West Texas Intermediate added 3.8% to settle at $103.27 a barrel.

Iran's army chief said the country's military is fully prepared for "asymmetric warfare" after strengthening its capabilities, according to the state media agency Tasnim. Traders expect the U.S. to resume strikes on Iran in the coming weeks.

Brent added 6.2% for the week, the third consecutive week of gains. WTI advanced 2% for the week.

President Donald Trump said Wednesday that the U.S. was not negotiating with Iran and something would happen "fairly soon." His cryptic remarks came as U.S. officials told The New York Times that the U.S. and Israel have plans for fresh strikes on Iran after the midterm elections.

Iran-allied Houthi militants have continued to strike Saudi Arabia.

Could this raise U.S. gasoline prices? It could increase supply pressures via potential shipping disruptions or higher costs, but actual retail pass-through depends on confirmed delivery losses and market responses.